DailyFX.com -

Daily

Gold Action is Promising for Larger Turn Scenario

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”

-The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. Above 1283 would suggest that the larger trend has reversed.

LEVELS: 1236 1245 1258 | 1277 1283 1293

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    Gold Tests Support Around $1168

  2. Forex News

    Gold Stalls at Chart Support as SPX 500 Digests After Dramatic Drop

  3. Forex News

    Crude Oil Consolidates, Awaiting Greek Referendum and Iran Deal

  4. Forex News

    Gold Pattern Resolution Needed to Signal Breakdown

  5. Forex News

    Crude Oil Breaks 5-Month Uptrend, SPX 500 Drops Most in Over a Year

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!